The 'We're saving for a deposit' thread

[Deleted User]

Carrie85 wrote: »

Hi everyone, i too am aiming to buy alone.
Have nearly reached the £1000 mark, still a long way to go.
I'm 23 and graduated last july, am back at home living with my parents so its good to know others are the same boat, because a lot of my uni friends are still renting.
I'm self employed so don't get a regular income every month but am determined to keep saving :T

Hi Carrie
You and I have the same saving goal and similar savings so far.
Good luck with your savings and keep posting so I can see how you are getting on
XX

dippykitty

Carrie85 wrote: »

It does get pretty hard sometimes, not got much lined up now so am worrying a bit but will keep plugging away.
It's great seeing how much you've saved, and knowing it can be done, even if you're self employed.

Some of my £12k was put away before I became self employed but I'd say that most of it has come in the 2.5 years since then. I'm in the same boat as you as I've got a lot less work to be going on with right now and budget cuts mean that I'm probably doing a lot more work for the same amount. That's very frustrating but I guess that the fluctuating work is something that we have to ride out at the moment! I don't know what your outgoings are like, but mine are quite low as I'm still living at home. That means that I can put aside a decent chunk of my earnings but to be honest, I'm not expecting to put away more than another £1.5k (if that) this year.

dippykitty

jak wrote: »

Right i've been through our bank accounts and we have got £3769.35 towards our first house deposit. Lots more than I thought so i'm really chuffed! Also saving for a major holiday so need to keep on top of it!

Our situation is that we won't be able to get a mortgage for at least 4 years due to my husband being unable to borrow at the mo... but at least that gives us time to save up! I want save at least 30k so that means i've got 12.5% (is that right? My maths is a bit dodgy...)

I'm trying to reduce all our bills at the moment so that we can chuck as much as possible towards our house money. My mat leave pay is about to finish to so i'm going to have to find a job that will fit round my husbands work if possible!

Anyway, i'll be back to update as soon as I can!
Good luck everyone!
J
X

Good luck! Hope you can find a nice flexible job after your pay finishes.

lostinrates

Its brilliant to have so mnay new house deposit savers on board! Welcome to you all. NO ONE should feel put off by the amounts they have or haven't saved. We have different goals, different areas, different ages....its about buying sensibly and setting goals not what we are buying at the end or how much that costs us.

^!£$&

And dont forget we're in a much better situation than others who are facing reposession and negative equity!
All good things come to those who wait!

LydiaJ

Saver-Rob wrote: »

Well fair enough, my own personal opinion though JimLad is to pay the thing off ASAP. It is costing money to keep and I have seen many posts stating that if you owed £10,000, the interest you were paying on it were more than you would earn with £10,000 in the bank making you interest. However if you say that you are infact earning more with your savings that the loan is costing you then that changes things. Good luck if thats working for you.

That's absolutely true about almost all forms of debt, but it doesn't apply to very low interest debt - 0% credit cards (but only for as long as they're 0%) and usually student loans (although you have to be careful about checking the interest rates, because they aren't always what you might expect). If the student loan is at a lower interest rate than your mortgage will be, then it's better to put your savings towards your house deposit than towards paying off your student loan.

Martin did a video about it. Go to this page, and watch the video called "Part 1: Good debt, bad debt".

Carrie85

Palema wrote: »

Hi Carrie
You and I have the same saving goal and similar savings so far.
Good luck with your savings and keep posting so I can see how you are getting on
XX

Hi Palema, Good luck with yours too. I will keep updating, and we can encourage each other. Will definitely be here a while :rotfl:

dippykitty wrote: »

Some of my £12k was put away before I became self employed but I'd say that most of it has come in the 2.5 years since then. I'm in the same boat as you as I've got a lot less work to be going on with right now and budget cuts mean that I'm probably doing a lot more work for the same amount. That's very frustrating but I guess that the fluctuating work is something that we have to ride out at the moment! I don't know what your outgoings are like, but mine are quite low as I'm still living at home. That means that I can put aside a decent chunk of my earnings but to be honest, I'm not expecting to put away more than another £1.5k (if that) this year.

Similar to you really. My outgoings are small, my parents are being brilliant about it all at the moment. We'll see how long that lasts :rotfl: we all want me to get sorted and on my own 2 feet. Its a big change after living away from home for 3 years to suddenly be back, but I'm comfortable here so can't complain to much :T

lostinrates wrote: »

Its brilliant to have so mnay new house deposit savers on board! Welcome to you all. NO ONE should feel put off by the amounts they have or haven't saved. We have different goals, different areas, different ages....its about buying sensibly and setting goals not what we are buying at the end or how much that costs us.

Totally agree with you on that one.

Good Luck everyone

JimLad

Saver-Rob wrote: »

Well fair enough, my own personal opinion though JimLad is to pay the thing off ASAP. It is costing money to keep and I have seen many posts stating that if you owed £10,000, the interest you were paying on it were more than you would earn with £10,000 in the bank making you interest. However if you say that you are infact earning more with your savings that the loan is costing you then that changes things. Good luck if thats working for you.

Student loan interest is currently 2%. My current savings account is fixed at 5% and you can get instant access accounts even today at 3 or more percent. I should imagine the loan interest will drop at its next review as well!

[Deleted User]

Hello everybody. Great thread.

JimLad

Deleted_User wrote: »

Hello everybody. Great thread - thought I'd have my say as I'm also saving to buy a house. I started in May 2008 and am up to about £15,000 or so. My net salary after tax, student loan and pension etc is £3,600/month of which I am aiming to put aside £1,500 or so in savings. Does that sound reasonable? :A

Feel like there's still quite a long way to go (plus I don't want to buy until I feel like my job is safe; which won't be until end of 2009 at the earliest!)

That sounds fantastic! I dont even earn what you are saving in one month, well done!